Overview
ADX is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as a
diversified investment company and is structured as an internally-managed closed-end fund (sometimes
referred to herein as the “ADX Fund”). By “internally-managed,” we mean that the ADX Fund does not
have an outside investment adviser and is managed by its in-house staff of portfolio managers, research
analysts and administrative personnel. ADX began as an express delivery company in the 1840s, became
a closed-end investment company in 1929, and has been structured as such since 1929. ADX is publicly
held, and its shares are listed on the New York Stock Exchange under the symbol ADX. The ADX Fund
invests primarily
in U.S. large-cap stocks. As of December 31, 2023, ADX self-managed total net assets of
approximately $2,550,393,350.
ADX is also registered as an investment adviser under the Investment Advisers Act of 1940, as amended
(the “Advisers Act”). ADX presently has no outside clients for whom it serves as the investment adviser.
When ADX is retained to serve in that capacity, the investment guidelines associated with the provision
of such services will be outlined in the investment management agreement with the client. While ADX
follows its own strategies, the client is permitted to impose restrictions on investing in certain securities
or types of securities, which must be detailed in writing.